Data centres explore funding uranium projects as AI power demand surges, says NexGen CEO

Summary

• Data centre operators are exploring financing uranium projects to secure long-term energy supply.
• Rising AI power demand is boosting interest in nuclear energy.
• NexGen’s Rook I project could begin production around 2030 pending approvals.
• Uranium prices remain elevated amid expectations of stronger demand.

As artificial intelligence drives a rapid expansion of energy-intensive infrastructure, data centre operators are beginning to consider direct investments in uranium mining to secure long-term power supplies, according to executives at NexGen Energy.

Speaking in Melbourne, CEO Leigh Curyer said the company has held early discussions with data centre providers about financing its flagship uranium project, highlighting how the AI boom is reshaping upstream energy investment decisions.

AI power needs push tech toward nuclear fuel supply chains

The rapid build-out of AI data centres — which require vast and reliable electricity — is increasing interest in nuclear power as a stable, low-carbon energy source. That trend is, in turn, supporting demand for uranium.

Curyer compared the emerging shift to the electric-vehicle industry, where automakers invested in mining projects to secure critical battery materials. Large technology companies, he suggested, may adopt similar strategies to ensure that heavy spending on AI infrastructure is supported by dependable energy sources.

Rook I project moves toward financing milestone

NexGen is developing the Rook I uranium project in Saskatchewan and expects to finalize a funding package in the second quarter. The company recently secured a key permit and anticipates full government approval by mid-year.

If completed as planned, the project could begin production around 2030 and potentially supply a meaningful share of global uranium demand.

While NexGen confirmed discussions around financing and long-term supply agreements, Curyer emphasized that any arrangements would not involve a change in company control. Specific data centre partners were not disclosed.

Uranium market tightens amid nuclear revival

Uranium prices have been trading near $88 per pound after briefly topping $100 earlier this year, reflecting renewed interest in nuclear power as countries including China and India expand low-carbon generation to meet rising electricity needs.

The possibility of direct backing from data centre operators underscores how the AI boom is beginning to influence commodity markets and long-term energy planning.

Why this matters

The trend suggests a structural shift in how technology companies think about energy security. As AI workloads scale, securing reliable, low-carbon power sources could become as strategic as securing semiconductor supply, potentially opening new funding channels for uranium developers and accelerating nuclear investment globally.

FAQs

Q1. Why are data centres interested in uranium projects?

To help secure reliable fuel for nuclear power plants that can support the massive electricity needs of AI infrastructure.

Q2. What is NexGen’s Rook I project?

It is a major uranium development in Saskatchewan expected to become a significant global supplier.

Q3. Are tech companies buying uranium mines?

Not currently — discussions are preliminary and focused on financing or supply agreements rather than ownership.

Q4. How does AI affect uranium demand?

AI data centres increase electricity consumption, encouraging expansion of nuclear power, which requires uranium.

Q5. What is happening to uranium prices?

Prices have risen amid expectations of stronger nuclear investment globally.